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samplemidterm - UC Davis Spring 2000 Alan M Taylor...

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UC Davis Spring 2000 Alan M. Taylor Economics 101 INTERMEDIATE MACROECONOMICS Midterm Exam ATTENTION: PRINT AND SIGN YOUR NAME AND WRITE YOUR ID NUMBER. NAME (PRINT) _________________________________ (SIGN) _________________________________ ID NUMBER _________________________________ THERE ARE 100 POINTS TOTAL ON THIS EXAM. MULTIPLE CHOICE: 30 QUESTIONS. 2 POINTS EACH. 60 POINTS TOTAL. PLACE A CHECK MARK NEXT TO THE CORRECT ANSWER. SHORT PROBLEMS: 5 QUESTIONS. 8 POINTS EACH. 40 POINTS TOTAL. WRITE THE ANSWER IN THE SPACE PROVIDED. SCORE _____
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Section: 1 / MULTIPLE CHOICE QUESTIONS INSTRUCTIONS: PLACE A CHECK MARK NEXT TO THE CORRECT ANSWER. ___ 1. In the U.S. economy today, real GDP per person, compared with its level in 1900, is about: __ A. 50 percent higher. __ B. twice as high. __ C. three times as high. __ D. five times as high. ___ 2. In an economic model: __ A. exogenous variables and endogenous variables are both fixed when they enter the model. __ B. endogenous variables and exogenous variables are both determined within the model. __ C. endogenous variables affect exogenous variables. __ D. exogenous variables affect endogenous variables. ___ 3. The statistic used by economists to measure the value of economic output is: __ A. the CPI. __ B. GDP. __ C. the GDP deflator. __ D. the unemployment rate. ___ 4. All of the following are a flow except : __ A. the number of new automobile purchases. __ B. the number of people losing their jobs. __ C. business expenditures on plant and equipment. __ D. the government debt. ___ 5. Assume that the market basket of goods and services purchased in 1992 by the average family in the United States costs $14,000 in 1992 prices, whereas the same basket costs $21,000 in 1999 prices. However, the basket of goods and services actually purchased by the average family in 1999 costs $20,000 in 1999 prices, whereas this same basket would have cost $15,000 in 1992 prices. Given this data, a Laspeyres index of 1999 prices would be: __ A. 1.05. __ B. approximately 1.07. __ C. approximately 1.33. __ D. 1.50. 1
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___ 6. According to Okun's law, if the unemployment rate rises by about 1 percent over a year's time, the change in real GDP will be a rise of approximately: __ A. 5 percent. __ B. 3.5 percent. __ C. 2.5 percent. __ D. 1 percent. ___ 7. The two most important factors of production are: __ A. goods and services. __ B. labor and energy. __ C. capital and labor. __ D. saving and investment. ___ 8. When factor supply is fixed and quantity of the factor is graphed on the horizontal axis while factor price is graphed on the vertical axis, the factor: __ A. supply curve is horizontal. __ B. supply curve is vertical. __ C. supply curve slopes up to the right. __ D. demand curve slopes up to the right. ___ 9. If the consumption function is given by the equation C = 500 + 0.5 Y, the production function is Y = 50 K 0.5 L 0.5 , where K = 100 and L = 100, then C equals: __ A. 1,000.
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